Market Update - February 19, 2013

CBOT futures are moving in opposite directions. Soybean futures rallied overnight on disappointing rains in key areas of Argentina. The strength of the soybean complex apparently lifted corn and wheat futures until the pit opened at 930 am CT. Since the pit opening, corn and wheat futures have sold off sharply. One might credit continued liquidation of corn positions by the large speculators and the anticipation of much-needed rain/snow in the central Plains states.

Livestock futures are trading lower and are well off the opening prices. General demand concerns are weighing on the market.